M. CAROLINA PARRA, Chief Risk Officer
Ms. Parra was appointed as CWB’s C hief Risk Officer in November 2021. As CRO, Ms. Parra is responsible for CWB’s risk management functions encompassing credit, market, capital, enterprise operational, cyber, technology and climate risk. She serves as the executive sponsor for one of CWB’s ERGs, CWB Noble. Ms. Parra joined CWB Financial Group with an extensive background in commercial credit and corporate banking, and experience managing financial and non-financial risk in times of rapid growth, acquisition and regulatory complexity in Canada and abroad. Prior to joining CWB, Ms. Parra served in various roles at one of the Largest Canadian Banks, where she most recently was Vice President, AML & Internal Control, International Banking. Ms. Parra received a Bachelor of Industrial Engineering from Universidad Javeriana and a Master of Business Administration from Schulich School of Business at York University.
2023 Performance Highlights
• Implemented new organizational structure across Group Risk Management, positioning functions and teams to enhance efficiency and align technical and leadership expertise. • Drove progress in maturing and enhancing the non-financial risk capabilities across the organization. • Leadership of CWB’s strong credit risk management framework, which supported credit losses that remained below historical averages in a volatile economic environment. • Successfully progressed third party risk management program and enhanced cyber and technology risk frameworks and governance. • Supported employee engagement, with CWB named as one of this year’s top 25 Best Workplaces TM in Canada for the second year in a row by Great Place to Work Canada® and being recognized by Waterstone Human Capital as having one of Canada’s Most Admired Corporate Cultures TM for the fourth time, earning a place in their hall of fame.
Compensation Over Time (1)(2)(3)
Total Direct Compensation ($)
2023 Actual Compensation Mix
(1) Compensation data is disclosed as at October 31 of each fiscal year shown. The values are based on the salary and short-term incentive compensation earned in each fiscal year, and the grant-date value of each LTIP award. (2) Base salary is granted for each calendar year. The amounts shown in the chart above reflect the amount of base salary earned during a fiscal year. (3) In fiscal 2022, certain one-time sign-on amounts (share-based awards, stock option-based awards, bonus, and payment to Supplemental Retirement Plan) were awarded to Ms. Parra, as per her employment agreement.
Share Ownership (1)
Total Value of Common Shares ($)
Total Value of Common Shares/RSUs/PSUs ($)
Minimum Value Under Guidelines ($)
Total Value of RSUs (2) ($)
Total Value of PSUs (3) ($)
Required Multiple of Base Salary (4)
Meets Guidelines
Actual Multiple
✓
53,971
162,673
541,856
758,500
90,000
0.25
2.1
(1) Share ownership data is disclosed as at October 31, 2023. (2) RSUs are valued based on $27.48, the closing price of CWB common shares on the TSX on October 31, 2023. (3) Total Value of PSUs includes the PSUs granted in fiscal 2021 and vested on October 31, 2023, and are valued using a 100% performance multiplier applied to $27.48, the closing price of CWB common shares on the TSX on October 31, 2023, for the purposes of determining compliance with minimum share ownership requirements. (4) Ms. Parra’s employment agreement provides for an ownership requirement equal to 0.25 times her base salary on October 31, 2023. Effective November 15, 2025, Ms. Parra’s ownership requirement is equal to 2 times her base salary .
Other Equity Holdings – Stock Options (1)
Unexercisable
Exercisable
(#)
In-the-Money Value ($)
(#)
In-the-Money Value ($)
Total ($)
62,627
69,857
-
-
69,857
(1) Stock option data is disclosed as at October 31, 2023.
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